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September 23, 1985 <br />City of Little Canada <br />Attn: Joseph Chlebeck <br />515 Little Canada Road <br />St. Paul, MN 55117 <br />Dear Mr. Chlebeck: <br />One of the major events in Wall Street history took place in June <br />of 1981, when the Prudential Insurance Company of America <br />acquired one of the world's oldest and largest brokerage firms, <br />Bache Halsey Stuart Shields Incorporated. <br />The largest insurance company in the world, The Prudential <br />brought massive new resources and capabilities to the union, <br />which marked the beginning of a new era in the investment <br />industry. In late 1982, the new name of Prudential -Bache <br />Securities was established to reflect the merger of these two <br />distinguished firms. <br />Prudential -Bache Securities has nearly 300 branch locations <br />throughout the United States and in fourteen foreign countries, <br />staffed by more than 7,000 sales, clerical and administrative <br />personnel. <br />Today, Prudential -Bache maintains one of the soundest capital <br />positions in the industry, giving it a strength and stability <br />that few other member firms can match. Our growth over the past <br />century has been a direct result of the breadth and quality of <br />the service we have historically rendered to our clients, large <br />and small. Our success as a firm is inseparably related to the <br />success we achieve for our clients as investors. <br />We look forward to working with you and your investment funds. <br />KAL:pb <br />Siyfcerely, <br />\1/4(;( ‘ <br />Ken'h -eth A. Last <br />3C <br />pilVA <br />SEP 23 1985 <br />CITY OF <br />LITTLE CANADA <br />Prudential-Bache Securities Inc . 80 South 8th Street, Suite 2020, Minneapolis, MN 55402 Tel 612 340 -4508 <br />